If you had to name one operational metric that will most impact asset value in 2026, what would it be?

The most important operational metric impacting asset value is energy efficiency. This can be clearly measured in kilowatt-hours per square metre. It is a simple and comparable KPI that tenants and investors can use to benchmark assets across different asset classes. This transparency makes it highly relevant for decision-making.

Are investors already pricing operational performance properly, or is there still a gap in the market?

It depends very much on the type of investor. Opportunity investors often account for sustainability through pricing discounts at acquisition. However, when it comes to value-add strategies and active asset management, operational performance becomes much more important. This is where value can be created without directly affecting tenants. As investors move closer to exit and asset revaluation, including financing considerations, sustainability and operational performance play an increasingly important role, especially when aligned with tenant expectations.

What advice would you give to investors trying to take the next step in their sustainability journey?

The first step is to create transparency through data. This establishes a baseline and allows comparison with peers, submarkets and asset classes. From there, investors should set realistic targets and develop a clear plan for the next two to three years. It is important not to overpromise but to focus on achievable improvements.

The concept of ESG has lost some credibility due to misuse and greenwashing. Today, sustainability must be backed by real business cases and proven profitability. Each measure should contribute to the resilience of cash flow.

This again comes down to data. Investors need to be transparent and able to demonstrate a measurable impact to both investors and financing partners.